Although new listings continue to climb, pending sales continue to outpace those new listings making it very difficult for overall inventory to create a solid foundation to build on. Sellers are taking charge but only when they are priced correctly and in good condition to sell.
Agents in the now 23 counties served by the Northwest Multiple Listing Service (NWMLS) added 10,505 new listings to inventory in March, gaining 9.4 percent from the same month one year previous yet total inventory at month’s end stood at 17,007, a decline of almost 14 percent from the same time a year ago (twelve counties reported double digit declines). Measured by months supply, there is approximately 2.5 months on inventory to choose from area-wide with King County coming in at a little more than 1.3 months and Snohomish County at just under 1.7 months.
Pending sales continued robust with members reporting 11,408 mutually accepted offers last month on single family homes and condominiums (note: almost 1,000 below new inventory). In the four counties (King, Snohomish, Pierce and Kitsap) that make up the Puget Sound region, members reported a staggering 8,648 pending sales; up from 6,541 in February and only outperformed in the last 15 years by similar numbers seen in March, June and August of 2015.
The median price of single family homes (excluding condos) increased from $282,000 a year ago to $301,143 last month; a gain of about 6.8 percent. In Snohomish County, the gain was just shy of 8 percent rising from $314,975 to $340,000. King County was up 30 percent climbing at month end to $440,250. Last month’s condo prices increased to $240,000 (up 9 percent) area-wide and in King County, came in at $269,600.
Closed sales of single family homes and condos were reported at 6,769, outpacing the year ago figure of 5,753 by 17.7 percent with condominiums making up only 14 percent of that volume.
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